Chief Financial Officer or Rocket Scientist – Rajendra Mehta
Finance has a key role to play in the economic growth and long-term development of a nation. A robust financial system must therefore provide individuals and businesses with reliable and affordable savings, investments and other financial products and services.
The global financial crisis has shaken the world of finance and public confidence in it. In its wake, there has been greater scrutiny of the financial system and debate over whether the world of finance needs managers or rocket scientists. It is a debate that will help shape the future of the financial system, restore public trust and improve resilience.
While finance has a role to play in the lives of individuals and businesses, formal financial services are not available to everyone, forcing outliers to turn to riskier but also costly methods. Rocket scientists and managers have an important role to play in this regard, as both work together to develop innovative financial models/products, technologies and services that enable companies to undertake financial inclusion while generating profits. and effectively managing risk.
Rocket scientists, through their ability to design and implement complex models/products/services, enable financial institutions to generate profit and reduce risk. In this era of big data, they help companies recognize the need for better intelligence and insight into their business, helping managers make the best decisions.
In contrast, managers, through their understanding of the products, their relationships with customers, their desire to go the extra mile and get the job done, play a critical role in defining an organization’s success. Their ability to identify problems and bottlenecks, as well as their ability to think out of the box for innovative financial solutions, provide the necessary inputs for rocket scientists to work and dramatically improve their work.
It is therefore imperative for financial institutions to build a pool of financial managers and rocket scientists to effectively achieve their broader goal of creating wealth for stakeholders and shielding the industry from global trends such as change and evolution. constants. To that end, companies need to strike a balance between the right number of CFOs and rocket scientists. They must also attract top talent with both quantitative and managerial skills; retain them for sustainable growth by following progressive employee-focused policies and practices to effectively meet business needs and individual aspirations.
Significant investments should also be made in their professional and career development through a strong training and development framework. This can be a mix of classroom, online and on-the-job training to align them with individual career paths and the business needs of an organization.
We are going through an exciting and challenging time for the world of finance. Many financial institutions are focused on ways to up their game. What the world of finance needs today are professionals with a good mix of quantitative and managerial skills so that it can apply them. to solve the problems facing organizations and help them achieve their larger goal of creating wealth for their stakeholders. And for this reason, CFOs and rocket scientists are not mutually exclusive but complement each other.
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